Saving is a deeply rooted habit in Austria, but more and more citizens are finding it difficult to find money they could set aside.

As many as 33% of respondents say they have nothing left for savings at the end of the month, which is 4% more than last year. This is shown by a new study by Erste Bank and the Austrian savings banks, conducted by the IMAS International institute, the results of which were published on October 13.

The study included 1,382 residents of Austria aged 16 to 76. The results show that the desire to save is growing, but financial means are finding it increasingly difficult to keep up with such expectations.

Average monthly savings fell to 306 euros

As many as 83% of respondents consider saving important, which is the highest recorded level since 2014. However, those who manage to set money aside now save an average of 306 euros per month, or 14 euros less than last year.

When inflation is taken into account, the real value of that amount roughly corresponds to the level from 2016. At the same time, only 34% of respondents are satisfied with the amount they manage to save, compared with 39% last year. This is the lowest level of satisfaction since 2014.

It is important to emphasize that the average 306 euros refers to citizens who manage to save, not to all residents of Austria.

Men save significantly more than women

The study also showed a difference in the amounts that men and women save each month. Men set aside an average of 384 euros, and women 227 euros, which is approximately 41% less.

Financial security is the main reason why citizens try to save. Among respondents who save, 91% set money aside for unforeseen situations, while 77% associate saving with long-term financial security.

Savings books still popular, but more and more citizens are investing

Despite the changes, traditional saving is still the most widespread. Savings accounts or savings books are used by 79% of respondents, while 40% invest in securities, including stocks and investment funds.

Investments in securities have for the first time surpassed the popularity of dedicated housing savings, whose share fell from 43% to 34% in one year.

At the same time, 52% of respondents also save part of their money in a current account, and approximately a quarter keep their savings at home or in a safe.

The desire to save is growing, but there is less and less money

The survey results show that financial security is becoming increasingly important to Austrian citizens, but that a significant part of the population is finding it difficult to set aside additional money.

Particularly notable is the fact that every third respondent has no money left for savings at the end of the month. This does not necessarily mean that these people have no savings at all, but rather that their monthly income and expenses leave no room for new allocations.

Although citizens who save still set aside more than 300 euros per month on average, this figure does not reflect the financial means of all households. The difference between those who manage to save regularly and those who have nothing left at the end of the month shows how much financial circumstances differ even in one of Europe's more economically developed countries.